As discussed in class, products not traded in the market (nonmarket goods and services) are generally not included in GDP, but there are some exceptions to this.
i. What are three types of nonmarket goods/services that are included in GDP?
How are the values of each determined?
ii. What are three examples of nonmarket goods/services that are not be included in GDP?
Why are they not included?
c. What is “imputed rent” for owner-occupied housing? And why is this done?